Onboarding Grind: Brokers and the KYC/AML Labyrinth
Anyone else feeling like the onboarding process with some of these 'modern' brokers and payment service providers is just an exercise in bureaucratic torture? I get it, KYC/AML is essential, we're all playing by the rules, trying to keep the bad actors out of the sandbox. But seriously, the hoops some outfits make you jump through, it's enough to make you question if they actually want your business.
I'm talking about submitting the same document three times because 'the system glitched,' waiting weeks for verification only to be told an obscure utility bill from a decade ago isn't sufficient, or the classic 'send a selfie holding your passport and today's newspaper, but make sure the newspaper is from an approved list and the lighting is just so.' It's like they're actively trying to identify who has the most patience, not who has the clean funds. Makes me wonder sometimes if the actual deal flow we're trying to generate is worth the upfront administrative headache. Any war stories or surprisingly smooth experiences out there? Always curious to hear how others navigate this particular brand of fun.
It's not just you. Some brokers make it unnecessarily complex, almost like they haven't updated their processes in a decade. It shouldn't take days to verify basic documents in 2024.